Clorox's Investments Behind Its Leading Brand Mix Should Help It Withstand Competitive Headwinds
We don’t expect to alter our $137 fair value estimate for wide-moat Clorox following first-quarter results that included a 3% bump in organic sales, a 150-basis-point erosion in gross margins to 43.4%, and a 130-basis-point degradation in operating margins to 18.6%. Like others in the space, elevated commodity and logistics costs have taken at toll on Clorox’s profitability, eating into gross margins to the tune of 130 and 280 basis points, respectively, in the quarter. However, a portion of the...Clorox is a manufacturer and marketer of consumer products. The company sells its products through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, drug, pet and military stores, third-party and owned e-commerce channels, and distributors. The company has four reportable segments: Cleaning, which consists of laundry, home care and other products; Household, which consists of charcoal, bags, wraps and containers, cat litter, and digestive health products; Lifestyle, which consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements; and International, which consists of products sold outside the United States.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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